Introducing OneRing on Optimism
Ethereum layer 2 scaling solutions set to rule 2023
OneRing is hyped to officially announce the arrival of its stablecoin yield optimization platform on Optimism! With this full platform integration on one of the most enticing Ethereum layer two scaling protocols, OneRing affirms its commitment to providing the best stablecoin yields for its community across the entire cryptosphere.
The Problem
Too many DeFi protocols across too many blockchain networks makes it near impossible for the average user to continually maximize their returns in the DeFi space. Weaving one’s way through the entire DeFi ecosystem of a single blockchain, let alone multiple blockchains, is a daunting task for both novice and professional traders alike. Expected yield on each farm, on each protocol, on each blockchain can vary drastically and change at a moment’s notice causing most people to leave valuable yield on the table.
Impermanent losses (unrealized losses that occur when the underlying crypto assets in a liquidity pair lose value) are another significant risk when providing liquidity on DeFi protocols. Cryptocurrencies are inherently volatile and the large price swings are not suitable for the faint of heart. When faced with extreme price swings, investors may sell their assets at a loss turning those impermanent losses into permanent ones.
The OneRing Solution
OneRing’s stablecoin yield optimizer platform maximizes your yield by deploying your assets across multiple DeFi protocols on a number of blockchain networks. After having launched on Fantom in 2022, the platform is ready to take a major leap forward with its launch on Optimism.
With OneRing, users deposit their stablecoin holdings ($USDC currently supported) into the dApp, and the protocol finds the best yield for your stake by providing stablecoin liquidity across a variety of protocols. Users’ staked assets are actively managed to ensure they are always earning the best diversified yield available. Simply stake your $USDC and let the protocol do the heavy lifting for you!
By sticking with stablecoin liquidity pools, OneRing users do not have to concern themselves with the worries associated with impermanent losses. $USDC is pegged to the greenback at a 1:1 ratio and its value never strays too far from $1. That does not mean there’s not incredible yields to be had from stablecoins either (our Fantom dApp consistently provided returns between 10%–20%!). With that kind of yield, anyone can beat inflation!
Finally, DeFi protocol security is a hot topic for everyone in the cryptosphere. OneRing’s smart contracts have been audited by one of the very best auditors in the business. After its rigourous audit processes (which recently exposed vulnerabilities in Uniswap V3 contracts), Dedaub passed OneRing’s contracts with flying colors! Rest assured, your assets are safe and secure on the OneRing platform.
How to get started
Visit us at evm.onering.tools to begin your epic journey to the best stablecoin yields in Web3 and then follow these easy steps:
- Connect your Optimism wallet to the dApp.
- Go to “Mint” and enter the amount of $USDC you wish to deposit. Here, you will mint $1USD which then needs to be staked in order to begin earning yield.
- Go to “Earn” and stake your $1USD in order to immediately begin earning incredible yield on your $USDC.
That’s it! You are now beating inflation and watching your portfolio balance grow. When it comes time to take your ‘hard earned’ cash home, you simply reverse the process:
- Connect your Optimism wallet to the dApp.
- Go to “Earn” and click “Redeem” to convert your stake back to $1USD.
- Go to “Mint” and click “Redeem” to convert your $1USD back to $USDC and to return it to your Optimism wallet.
Easy peasy! But if you are still unsure about what to do, here is our EVM User Guide for your reference.
$RING token
The OneRing platform is powered by the $RING token that also recently bridged to the Optimism network.
$RING is currently trading on Velodrome Finance and OneRing has acquired and locked A LOT of $VELO in order to incentivize $RING/$ETH liquidity provision. Check out our recent article on how you can earn incredible yield by supplying $RING/$ETH liquidity on Velodrome.
As platform total value locked (TVL) grows, $RING holders will also be able to capture the value of the platform through our Real Yield initiative. If you are interested in learning more about that, check out this introductory article.
OneRing truly is the platform to yield them all.
About OneRing
OneRing is the first multi-chain cross-stable coin yield optimizer in the space. The goal of OneRing is to take away the complexity of DeFi and make things easy for the user. By this, we will be able to open the DeFi space for a whole new layer of users that want to receive yield on their stables instead of just having them sit in their wallets. With a strong network of partners, KOLs, advisors, and such, OneRing aims to go right to the top and set new benchmarks for DeFi.
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